Notice to Security Holders




DB ETC plc


(the “Issuer”)


under its Secured ETC Precious Metal Linked Securities Programme

in relation to



Series 14 db Physical Silver GBP Hedged ETC

ISIN: GB00B65S8K69
(the Securities”)

We hereby refer to the Securities issued by the Issuer and the related Final Terms. Capitalised terms not otherwise defined in this notice will have the meanings ascribed to them in the Conditions.

The Issuer hereby gives notice, in accordance with Condition 19 of the Conditions, that it is electing to redeem all of the Securities pursuant to Condition 8(c) of the Conditions (such event being the Issuer Call Redemption Event). The Issuer hereby designates 13 April 2015 as the Early Redemption Valuation Date.

A copy of this Issuer Call Redemption Notice has also been delivered to the Programme Counterparty and each of the Transaction Parties.

Notices to Securityholders are validly delivered to the Clearing System(s) for communication by the Clearing System(s) to the Securityholders.

If you are not the ultimate beneficial holder in respect of the Securities, or if you have recently disposed of the Securities, please forward this notice to the ultimate beneficial holder or purchaser, as the case may be.

Securityholders with queries relating to this notice may address them to the Arranger:


Hotline: +49 (0)69 910 82800 or +44 (0)20 754 57700

DB ETC plc

Jersey, 9 February 2015

Short Name: DB ETC Plc
Category Code: MSC
Sequence Number: 451909
Time of Receipt (offset from UTC): 20150209T164732+0000


Deutsche Bank AG


Deutsche Bank AG